由於盈餘管理行為攸關企業財務報導品質與資本市場資源配置效率，長期為會計研究之重要議題。隨著企業永續發展與社會責任意識提升，環境、社會與治理（ESG）表現逐漸被視為衡量企業誠信經營與治理水準的重要指標，然既有文獻對ESG與盈餘管理之關聯性尚未形成一致結論。台灣資本市場具有家族企業比例高與所有權集中之特性，且近年永續資訊揭露已由自願性行為轉為法定規範，提供檢驗ESG治理效果之適切研究情境。本研究以2016至2024年台灣上市櫃公司為樣本，探討ESG表現與盈餘管理之關聯，並進一步分析家族企業於其中之調節效果。實證結果顯示，整體而言，企業ESG表現與盈餘管理程度呈顯著負向關係，顯示良好ESG實踐有助於提升財務報導透明度。進一步分析發現，相較於非家族企業，ESG對盈餘管理之抑制效果在家族企業中更為顯著，顯示家族企業基於聲譽維護與長期導向之治理特性，使ESG更能發揮實質治理功能。

This study examines the relationship between environmental, social, and governance (ESG) performance and earnings management among listed firms in Taiwan, with particular attention to the moderating role of family ownership. Using a sample of Taiwanese listed firms from 2016 to 2024, earnings management is proxied by discretionary accruals estimated using the performance-matched modified Jones model proposed by Kothari et al. (2005), while ESG performance is measured by comprehensive ESG scores. The empirical results indicate that, for the full sample, ESG performance is not significantly associated with earnings management. However, further analysis reveals a significant negative relationship between ESG performance and earnings management in family firms, whereas no such association is observed in non-family firms. These findings suggest that the governance effect of ESG is conditional on ownership structure and becomes effective primarily in family firms, where long-term orientation and reputation concerns strengthen the disciplining role of ESG practices.

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